The virus will subside to a degree…
So is the countries economy…
With that will tax revenue….
As job losses and consumer sales starve local, state and yes…The federal government of money….
The Economy down fall has been steep and the loss of revenue is going make things worst….
Trump’s trade war isn’t gonna make things any better either…
Some business are NOT coming back…
Some worker aren’t either…
New York City unlike some other cities?
Relies on public services that are going be slow in coming back…
People do NOT want to talk about this…
(DeBlasio has his reasons see below*)
But it IS a fact that will have effects to the city dwellers and others across the country….
With the coronavirus pandemic ravaging New York’s economy, Mayor Bill de Blasio said on Thursday that the city will be forced to slash more than $2 billion in municipal services over the next year.
All aspects of New York City life will be affected: Public pools will be closed; sanitation pickups will be reduced. Fewer police traffic agents will be deployed at intersections; overnight service on the Staten Island Ferry will be reduced.
The cuts were part of a gloomy $89.3 billion executive budget that reflects the way that New York City has become the epicenter of the global coronavirus pandemic. The outbreak has killed more than 10,000 city residents, shuttered thousands of businesses, emptied the city’s once bustling hotels and darkened the lights on Broadway.
It has also cost hundreds of thousands of New Yorkers their jobs and will deprive the city of $7.4 billion in tax revenue in fiscal years 2020 and 2021.
“Things we would love to focus on in peacetime, we don’t get to focus on in wartime,” Mr. de Blasio said at his daily briefing. “And this is in effect wartime.”
The budget, which still requires City Council approval, is $3.5 billion less than the one the city approved last year and $6 billion less than the preliminary plan the mayor introduced in January. The Council could restore some of the services the mayor is proposing be cut.
Back then, the mayor warned that the city’s financial situation was somewhat precarious because it was not clear how the state’s projected $6 billion deficit might affect the city. But a far greater threat has now been realized, forcing City Hall to make broad cuts across numerous agencies.
“Things that might have been a priority two months ago, three months ago, can’t be a priority right now,” Mr. de Blasio said….
*The New York City mayor IS looking for some the stimulus money in this announcement also….
Mayor Bill de Blasio appealed to President Donald Trump for a federal bailout Thursday, after the coronavirus crisis inflicted a multibillion dollar blow to the city’s bottom line.
The mayor said he spoke to Trump and Vice President Mike Pence on Wednesday and made his case for a major cash infusion, a day before releasing an $89.3 billion budgetwith billions in cuts reflecting the city’s pulverized economy. He pointed to the $58 billion bailout dedicated to the airline industry and said the president’s native city deserves similar support.
“How about bailing out the nation’s largest city? How about bailing out the epicenter of this crisis, where people have been suffering?” de Blasio said in a press briefing. “That is what our federal government should do.”
New York may be facing its worst economic crisis since the 1970s because of the pandemic, with around half a million jobs lost.
The city has lost $7.4 billion in expected tax revenue, de Blasio said, and called on the federal government to give New York aid in the same amount. The call came on the same day the MTA — itself an economic lifeline to the city — asked for another $3.9 billion in federal aid to keep its operations running.
“If we can’t provide the basics for our people, then you can kiss your recovery goodbye,” de Blasio said. “The only way you can have a recovery is if places like New York City in particular — the great economic leader and engine of this nation — if we’re strong, our nation can be strong. If we are not strong, if our people are not safe, then this nation can’t recover.”
The mayor wants the bailout money to be included in a new stimulus package being discussed in Washington…
Note…
New York City, with it’s core of big business, has more revenue streams then most states and countries…
But?….America IS in a deepening recession…
image…talkingpointsmemo.com